Accounting Information For Everyone

Penalty late tax return on filing after due date

Now, as per the amendments in Finance Act 2012, w.e.f 01-Jul-2012 section 272A is substituted by Section 271H and a new section 234E has been inserted. As per old section 272A of the Income tax Act, if the TDS return is not filed within due date, penalty is charged @ Rs. 100/- per day till the return is filed.

Section

Section 234E – Fee

Section 271H – Penalty

W.e.f.

1-Jul-12

1-Jul-12

When leviable

If the TDS return is not filed within due date

If incorrect information is furnished in return or if return is not filed within one year from the due date